US Economy Adds 195,000 Payroll Jobs in June
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The US economy added 195,000 payroll jobs in June and earlier months were revised upward. Unemployment remained unchanged at 7.6 percent
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US Economy Adds 195,000 Payroll Jobs in June
- 1. Economics for your Classroom from Ed Dolan’s Econ Blog US Adds 195,000 New Jobs in June, Voluntary Part-Time Work Gains July 5, 2013 Terms of Use: These slides are provided under Creative Commons License Attribution—Share Alike 3.0 . You are free to use these slides as a resource for your economics classes together with whatever textbook you are using. If you like the slides, you may also want to take a look at my textbook, Introduction to Economics, from BVT Publishing.
- 2. 195,000 New Payroll Jobs in June Payroll jobs grew by 195,000 in June, continuing an upward trend over the past four months Upward revisions to April and May data brought second quarter job creation above that for the first quarter Most new jobs were in services. Federal and state governments lost jobs while local governments added them. There was a net loss of 7,000 jobs for the government sector as a whole. July 5, 2013 Ed Dolan’s Econ Blog
- 3. Unemployment Rate Unchanged The unemployment rate remained unchanged from May at 7.6%, slightly above its level for April, which was the lowest for the recovery. The unemployment rate is the ratio of unemployed persons to the labor force. The labor force increased by 177,000 for the month. The number of employed workers rose by 160,000 and the number of unemployed increased by 17,000 The unemployment rate is based on a survey of households that is separate from the payroll jobs survey. Unlike the payroll survey, it includes self-employed and farm workers July 5, 2013 Ed Dolan’s Econ Blog
- 4. Broad vs. Standard Unemployment Rate The BLS also provides a broader measure of job-market stress, U-6 The numerator of U-6 includes Unemployed persons Marginally attached persons who would like to work but are not looking because they think there are no jobs, or for personal reasons Part-time workers who would prefer full-time work but can’t find it The denominator includes the labor force plus the marginally attached U-6 rose to 14.3 percent in June, up from its low in May July 5, 2013 Ed Dolan’s Econ Blog
- 5. Long-term Unemployment Continues to Fall The recession and slow recovery have been characterized by unusually high levels of long-term unemployment The percentage of the unemployed out of work for 27 weeks or more fell 36.7 percent in June, The lowest since 2009, but still very high by historical standards July 5, 2013 Ed Dolan’s Econ Blog
- 6. Trends in Part-Time Work People working part-time fall into two groups: Those who want full-time work but can’t find it are called “involuntary” part-time workers Those who prefer to work part time because of family obligations, school, retirement, etc. are called “voluntary” part- time workers Since the recovery began, voluntary part-time work has trended up and involuntary part- time work has trended down July 5, 2013 Ed Dolan’s Econ Blog
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